Tuesday, February 6, 2007

War Games Anyone?

I have to admit, the Islamic Republic News Agency isn't on the list of my regular reading sites, but they are reporting Iran is going to hold 'war games' in the Persian Gulf. http://www2.irna.ir/en/news/view/line-203/0702069739191810.htm.

Earlier crude came within 3-cents of $60 and then pulled back. I shorted down to about $58.80 not long after the 'morning market comment' and then bought back, but then re-shorted further. It's looking a bit like a market that wants to do some retesting.

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